February 2019 Market Update – Downtown San Diego Condo Market

In the last three months, there has been a significant drop in the number of homes sold in Downtown San Diego. We went from selling an average of 69.7 homes per month the previous 12 months to selling between 41-45 homes in November-January. The slowest month in that previous 12 month period, we sold 55 homes in Downtown. Inventory is currently sitting at a 4.5 month supply, which is down from the November 2018 high of 5.0 months. The good news is the number of homes to go pending went up in January, meaning we will likely have an increase in sales in February.

We also experienced a lower list to sales price in December (94.5%) and January (95.1%). Above $800,000, even homes that are positioned well have faced price reductions and longer market times. I am optimistic this price range will pick up February-April.

As the market heads towards a balanced market, now more than ever it is important to work with a professional! Learn how to avoid common mistakes sellers are making in Downtown San Diego so you can net more money when selling your home! There is a difference between listing your home and selling it for top dollar.